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Binance is a crypto exchange that launched in 2017 and quickly became the largest in the world by trading volume. If you’re just getting into crypto, you’ve probably heard of it already.
What you can do there
- buy and sell hundreds of coins;
- swap crypto with the simple Convert tool;
- buy and sell with other people via P2P;
- earn interest on your coins;
- trade futures — that’s for experienced users.
What BNB is for
BNB is Binance’s own coin. The most practical use is paying trading fees at a discount. BNB is also used on the BNB Chain network.
Who it suits
Binance stands out for its huge choice of coins and high liquidity: even large trades go through at a fair price. The downside for beginners is a busy interface. There’s a simplified Lite mode, and that’s a good place to start.
Availability
Binance’s terms vary from country to country, and some features aren’t available in certain regions. Check this before signing up.
Before you sign up
- Sign up only through the official website or an app from an official store.
- Complete KYC and turn on app-based two-factor authentication.
- Set up an anti-phishing code: it appears in every email from the exchange, so fakes are easy to spot.
- An exchange isn’t a safe. For long-term storage, your own wallet is better, and the general rules are in the safety article.
FAQ
What is BNB for?
Its main practical use is paying trading fees on Binance at a discount. BNB is also used on the BNB Chain network.
Where should a beginner start on Binance?
With the simplified Lite mode, verification and app-based two-factor authentication.
What is an anti-phishing code?
A secret word the exchange adds to every email. If it’s missing, the email is fake.
